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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: CalculatedRisk who wrote (7283)	2/7/2004 11:26:45 PM
From: mishedlo	Read Replies (1) of 110194

Headline in Sunday 2/9 Baltimore Sun. One in every 63 households in Maryland filed personal bankruptcy last year. The number is triple the bankruptcies of ten years ago. The usual culprits, marital splits, job loss, and uninsured medical care are still prevalent. But the major culprits seem to be easy credit coupled with wage squeeze, according to a bankruptcy attorney who is working six twelves to keep up with demand. At the same time people's 401Ks tanked. Many boomer aged workers, forced out of high paying jobs are working at a much lower wage. There are jobs around. Maryland's unemployment rate is well below the national average, and the state is crowded with former rust belt residents and immigrants. To maintain lifestyles enjoyed at higher wages people fell back on credit lines. Print faster Al, cut 'em quicker George reality is catching up. This is a prosperous state thanks to massive federal government expansion. They can't build houses fast enough. But a lot of people are falling off the turnip truck.

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